Legal Question in Credit and Debt Law in Michigan

If you have a Home Equity Line of Credit (HELOC), and you lose your home to foreclosure, are you still responsible for the HELOC loan?


Asked on 1/28/10, 2:13 pm

1 Answer from Attorneys
Stuart Collis Collis, Griffor & Hendra, PC

Yes. The HELOC is merely a line of credit that is secured by the home. Just because the home is gone does not mean that you do not have to repay the loan.

Read more
Answered on 2/02/10, 2:43 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Michigan